Kosmos Energy (LSE:KOS), the international oil and gas producer, received approximately $127 million in cash on completion of its Equatorial Guinea asset sale on 16 June, following closing adjustments that reflect cash generated by the assets through the first half of 2026.
The divested interests cover the Ceiba Field and Okume Complex production assets in Block G offshore Equatorial Guinea, which had been running at around 5,800 barrels of oil per day net to Kosmos year-to-date.
Panoro Energy, the buyer, could pay up to a further $40 million in contingent consideration depending on oil price and production thresholds being met.
Proceeds will be applied against borrowings under Kosmos's reserves-based lending credit facility, and the transaction also removes an asset retirement obligation liability of approximately $140 million from the balance sheet.
"The transaction high grades our portfolio by divesting high unit operating cost production and increases balance sheet resilience, with retained exposure to future upside from the assets," said chairman and chief executive Andrew G. Inglis.
Kosmos said it will update its full-year 2026 guidance when it reports second-quarter results in August.
